外文翻譯--中國外商投資的決定因素及影響研究

1、<p><b>　　中文1637字</b></p><p><b>　　1 外文翻譯 </b></p><p><b>　　原文 </b></p><p>　　Foreign Direct Investment in China: Determinants and Effects</p

2、><p>　　Material Source: network platform Author: Stephane dees</p><p>　　1. Foreign Direct Investment in China </p><p>　　FDI represents the most important source of foreign capital in

3、 China. It surpassed foreign borrowing for the first time in 1992. Before 1979, no foreign-owned enterprises operated in China as foreign money was viewed with suspicion by Chinese leaders. The Open Door Policy introduce

4、d by Deng Xiaoping in 1979 involved a different attitude toward FDI. This change can be explained by two major factors the disastrous economic performance before 1979 and the successful examples of Japan and the four A&l

5、t;/p><p>　　The first phase, from 1979 to 1983, is a period of sluggish increase. From 1984 to 1991, the inflows of FDI attained an increasing trend. Since 1992, the large-scale expansion of FDI has made China t

6、he second largest recipient of FDI in the world. Before 1983, the growth rate of FDI was quite modest. The number of projects was nearly constant, increasing only from 230 in 1979 to 396 in 1983 (the value increased from

7、 $0.5 billion in 1979 to $1.5 billion in 1983). During this first phase, foreign </p><p>　　Between 1984 and 1991, FDI inflows into China grew 44% per annum in value terms. In 1991, the realized FDI inflow re

8、ached $4.7 billion. From 1992 the flow of FDI has increased dramatically, reaching $31.5 billion in 1994 and $42 billion in 1996 (Work Bank, 1997). Most FDI originates from the Asia-Pacific region (74.5% of total FDI sto

9、ck comes from the East Asian Newly Industrialized Economies – Niles hereafter).Hong Kong has always been China’s major investor. It accounts for 61% of FDI stock in</p><p>　　The United States are an importan

10、t investor with 8% of the FDI stock in 1994 (the third largest source). Even if Western European countries are the main source in international direct investment in the world, their share in China is relatively small; on

11、ly the UK’s share in FDI stock is above 1%. The ‘open-door’-policy encouraged the dramatic development of FDI in China. The growth of FDI was a key-element of the Chinese success, not only because it had positive impacts

12、 on the economy, but also b</p><p>　　The high FDI inflows in China in 1993–95 were exceptional and have fallen back to a more sustainable level in the long run (World Bank, 1997). Many reasons explain this n

13、ecessary reduction on FDI inflows. They include the elimination of tax concessions for foreign investors in 1996 and the slowdown in the upsurge in transfers of labors-intensive assembly operations from East Asian neighb

14、ors. </p><p>　　2． Determinants of Chinese inward FDI </p><p>　　According to Zang (1995), the sharp rise of FDI since 1987 has been due to the improving of the environment and to the impressive g

15、rowth of the Chinese economy. However, prior to then, investors were reluctant to invest in China because of the features peculiar to a Centrally Planned Economy that implied too high risks as compared to profits. Huang

16、and Shirai (1994) show that the pattern usually observed for FDI in developing countries is appropriate for China. After a sluggish inflow and a peri</p><p>　　Grub et al. (1990) have used interviews and ques

17、tionnaires to study the motivations of US firms who invest in China. Among the positive variables, they find that the potential market and cheap labour are the most important determinants of US investments. However, it w

18、as shown that investment incentives provided by the Chinese authorities were only moderately significant for the US firms in making investment decisions. It is worth noting that Chinese inward FDI is not a global phenome

19、non and that</p><p>　　Some empirical evidence is available from econometric work. Using a panel data set? Wei (1995) runs regressions for the flow and the stock of FDI. He finds a positive and significant ef

20、fect of the Chinese GNP: a 1 percent increase in the size of a host country is associated with a 0.53 (0.74) percentage point increase in the flow (stock) of FDI. He finds also a positive correlation between the inflow o

21、f FDI and the stock of human capital in the host country (proxies by literacy). Finally, the ef</p><p>　　In their study, Liu et al. (1997) analyze, through an error-component model, the economic, political a

22、nd cultural determinants of FDI in China. The panel data set covers a time period of 1983–1994 and 22 countries/regions as well as mainland China as the host. Hong Kong and the East Asia Niles are taken into account as i

23、nvestor countries. The results show that bilateral trade, cultural differences and relative changes in market size, wage rates, and exchange rates are important explanatory varia</p><p><b>　　文獻(xiàn) </b&

24、gt;</p><p>　　中國外商投資的決定因素及影響研究</p><p>　　資料來源： 期刊網(wǎng) 作者： 斯特夫·德斯 （Stephane dees）</p><p>　　1. 中國外商投資的決定因素</p><p>　　在1995 年， 中國外商直接投資急劇上升， 是因為在 1987 年， 中國改善了中國的投資環(huán)境，發(fā)展具有中

25、國特色的社會主義經(jīng)濟(jì)。然而在當(dāng)時，由于中國的特色社會主義經(jīng)濟(jì)， 投資者不愿意投資中國，因為這意味著過高的風(fēng)險，雖然利潤也豐厚。這個模型顯示了外商在中國投資的情況。在一段呆滯期后，波動了一個時期后，外國投資大幅度的增長了。中國政府表示，是因為改善了中國的投資環(huán)境所致。</p><p>　　美國進(jìn)行了關(guān)于是否投資中國的問卷調(diào)查。他們發(fā)現(xiàn)了中國市場的潛在投資價值，廉價勞動力是最主要的決定因素。然而，中國的政策只有一部分

26、對外國投資者有利。其中，中國的不定因素，外匯匯率風(fēng)險， 阻礙了外國投資者投資中國的熱情。另外，還有中國的基礎(chǔ)設(shè)施落后也影響了外國投資者投資中國。動蕩的經(jīng)濟(jì)控制政策也阻礙了外商投資。因此，投資者投資發(fā)展中國家的動機(jī)非常特殊。</p><p>　　魏岳（1993）說，投資者投資新興工業(yè)體的中國最主要因素是利用中國的廉價勞動力從而降低生產(chǎn)成本，獲得廉價的自然資源。這個價值對于中國的外商投資來說不是一個全球性的問題，但是

27、他會有別于其他國家的外商投資。他還強(qiáng)調(diào)，地理，民族，文化在新興的中國社會主義市場經(jīng)濟(jì)與市場經(jīng)濟(jì)是相近的。有調(diào)查顯示，最初，外國投資者是被中國的廉價勞動力所吸引。過去，外國直接投資常常對于在勞動密集型的投資地生產(chǎn)產(chǎn)品再度出口到自己的國家。然而，早在 90 年代，外國投資者了解到，相對于廉價勞動力來說，更高的技術(shù)產(chǎn)品更能有市場競爭力。因此，勞動密集型的投資，對于外國直接投資者來說只是低級形式的投資。 總結(jié)，東方國家，應(yīng)該考慮到投資者的投資動

28、機(jī)，改變其引進(jìn)外資的因素影響，增長中國引進(jìn)外國直接投資市場。</p><p>　　在劉以及其他人通過一個研究經(jīng)濟(jì)政治，文化的模型，研究中國的外商直接投資因素。 數(shù)據(jù)涵蓋 1983 年至今的文件，22 個國家及地區(qū)。包括香港，東亞新興工業(yè)體。 結(jié)果顯示， 雙邊貿(mào)易，文化差異，相對變動的計劃經(jīng)濟(jì)市場，工資率，匯率等影響了 外國直接投資對中國的投資意愿。 另外， 國家風(fēng)險和地理距離也會影響投資意愿。 </p>

29、;<p>　　2. 外國直接投資對中國的影響 </p><p>　　外國直接投資扮演了一個對中國經(jīng)濟(jì)有促進(jìn)作用的角色。有文件表明，外 6 國投資者對中國經(jīng)濟(jì)的貢獻(xiàn)：在引進(jìn)外國投資之后中國工業(yè)生產(chǎn)總值增長速率從 1978 年的 2%到 1995年的17%。 這是有幾個對中國經(jīng)濟(jì)有促進(jìn)作用的外國直接投資的刺激的原因。 第一， 在早期的 90 年代，外國的直接投資意味這技術(shù)進(jìn)口和新型設(shè)備的輸入，縮小了 中

30、國和世界發(fā)達(dá)國家的技術(shù)差距。此外，通過技術(shù)轉(zhuǎn)讓，外國直接投資者的投資，改善了中國的生產(chǎn)力要素。 1996 年，生產(chǎn)要素的改善使中國經(jīng)濟(jì)得到了 32%的增長。在與中國相同基礎(chǔ)上的亞洲國家比較來說，技術(shù)的引進(jìn)在一定程度上改善了中國的工業(yè)效率。在中國輸入現(xiàn)代技術(shù)也是打開中國市場的最好方法之一。 第二，外國直接投資對中國輸入了新的管理技術(shù)， 為中國企業(yè)作為借鑒。第三，對于中國國家財政收入的增長作用。最后，外國直接投資在中國的生產(chǎn)與出口經(jīng)濟(jì)中已經(jīng)

31、非常重要， 國際貿(mào)易擴(kuò)張的背景下，外國直接投資在中國經(jīng)濟(jì)中扮演了 一個非常重要的角色。他使中國的產(chǎn)業(yè)借口合理化，改變了中國的法律， 經(jīng)濟(jì)， 企業(yè)等一系列經(jīng)濟(jì)政策。 </p><p>　　外國直接投資對處于發(fā)展中國家的中國有增加其資本的貢獻(xiàn)。資料顯示，外國投投資這投資在中國，這個數(shù)據(jù)在 1983 年起就不斷增長。在 1994 年。外國投資額超過中國總投資的六分之一，這說明中國在進(jìn)行資本的積累。 </p>

32、<p>　　預(yù)計外國直接投資對中國經(jīng)濟(jì)的影響。（魏 1995） 他用 city-level 統(tǒng)計模型進(jìn)行統(tǒng)計， 他在分析了他的統(tǒng)計資料后發(fā)現(xiàn)，外國直接投資對中國經(jīng)濟(jì)的勞動力，物理，人力資本有促進(jìn)作用。 </p><p>　　但是 WOO（1995）認(rèn)為那個模型會夸大外國直接投資對中國經(jīng)濟(jì)的促進(jìn)作用，主要以個原因是因為外國投資的產(chǎn)出效益中涵括了 魏所統(tǒng)計的某謝要素，因此，這個模型在這個模型只是闡述了外